ANZ Bank Joins Project Guardian to Enhance Blockchain Transfers
Key Points:
- ANZ joins Singapore’s Project Guardian to explore tokenized real-world assets (RWAs).
- The bank will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for blockchain mobility.
- Project Guardian aims to improve liquidity and market efficiency through RWA tokenization.
- ANZ’s stablecoin A$DC will be tested for cross-blockchain transfers.
ANZ Collaborates with Project Guardian for Blockchain Integration
Australia’s ANZ Bank has officially joined the Monetary Authority of Singapore’s (MAS) Project Guardian, a move designed to explore the tokenization of real-world assets (RWAs) in financial markets. This initiative aims to enhance the mobility of digital assets across various blockchain networks, a process critical for improving liquidity and operational efficiency.
The decision follows ANZ’s participation in the Swift blockchain interoperability initiative, which began in June. Now, the bank aims to extend its efforts by exploring cross-blockchain transfers of its Australian dollar-backed stablecoin, A$DC, using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
ANZ’s Singapore Country Head, Mark Evans, expressed the bank’s enthusiasm for joining Project Guardian. “MAS is at the forefront of financial digitization, and we are excited to contribute to the development of a secure digital asset ecosystem. This partnership is crucial for addressing the future needs of our customers in the region,” he noted.
Exploring Cross-Blockchain Asset Transfers
Launched two years ago, Project Guardian is a collaborative initiative between policymakers and the financial sector, aiming to improve liquidity and financial efficiency through asset tokenization. The project involves multiple global participants, including governments from the United Kingdom, Japan, Switzerland, and other leading economies.
ANZ’s participation will focus on enhancing the transferability of RWAs, such as commercial papers, between different blockchains. The bank is working closely with Chainlink Labs, a leading blockchain oracle provider, and Singapore-based investment firm ADDX to streamline these processes. By leveraging Chainlink’s CCIP, ANZ aims to simplify the movement of assets across blockchain ecosystems like Ethereum and Avalanche, facilitating smoother financial operations.
Nigel Dobson, ANZ’s Banking Services Lead, emphasized the importance of overcoming the current fragmentation in tokenized asset markets. He explained that interoperability solutions like CCIP could reduce these barriers, enabling the seamless transfer of RWAs between blockchains, a step that could have significant implications for financial institutions globally.
Boosting Efficiency in Global Tokenized Markets
In addition to its efforts in Project Guardian, ANZ has been actively involved in blockchain-based asset transfers. Working with Chainlink Labs, ANZ successfully demonstrated how tokenized assets could be exchanged across networks like Avalanche and Ethereum using CCIP. This showcases the potential for on-chain digital assets to be traded, settled, and accessed easily across various currencies and networks.
ANZ utilized its own Avalanche Evergreen Subnet in these trials, chosen for its compatibility with the Ethereum Virtual Machine (EVM) and its ability to offer customizable features like permissioning and gas token options. This technology allowed ANZ to demonstrate how cross-chain asset transfers could occur in real time, addressing a critical need in global finance: the seamless integration of digital and traditional financial systems.
Project Guardian has previously collaborated with other major financial institutions, including DBS Bank, Deutsche Bank, and JPMorgan’s blockchain platform, Onyx. With ANZ’s involvement, the initiative takes another step toward establishing a robust infrastructure for tokenized asset markets.
As digital assets continue to reshape financial markets, ANZ’s participation in Project Guardian represents a critical move toward a more integrated and efficient financial future.
